Soo-hyun Cha
BU 5851
10/15/15
Research Paper
Assignment #1
Dr. Garett
College Students ' Spending Habits The demographic profile for today 's college students has changed significantly over the past few years. A few decades ago the typical age for college students was eighteen to twenty-one. Today more students are in their mid-twenties and work part time jobs. This creates a larger amount of disposable income for college students and the stereotypical, starving student, does not apply like it did a few years ago. With this in mind, it is important to understand the spending habits of college students have changed over the years as well.
While some students struggle to make ends meet, the stereotypical college experience of eating Ramen Noodles,
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Many college students work part time jobs, or work during their summers, and receive money from their parents for tuition and spending. With college loans, grants and financing becoming easier to receive, and more plentiful, this adds to the total dollars of non-discretionary funding for college students. Another thought process is that more and more college students are going part time and taking five to seven years to complete their education instead of the traditional 4 years.
Study Breaks College Media reported that the typical college student gets an average of $757 a month from parents, jobs, or other sources. 45 percent of students ' main source of income is their parents, 40 percent from Job, and 15 percent from loans. Nationwide Bank announced that three out of four college students hold jobs while in college and most often one of the followings: waiter/hostess/bartender, resident assistant, babysitter, or tutor. Through part-time jobs and help from their parents or other family members, the average student income is about $1,200 per month, which is only $14,400 per
In all colleges in the United States, students are required to pay for their classes’ tuition either by themselves, their parents, guardians or a scholarship that they may have. The average tuition fee for an individu...
When students are looking for colleges to apply to, one consideration might be how much it will cost them to attend that college. This is a very important matter to consider because the cost of going to college is the highest is has ever been. Even though there is some aid to assist students in paying for college, those services are not available to everyone. Some students are awarded scholarships but some of them are only for a few thousand dollars, which means that they still have a considerable amount of debt to pay off. When you take into account the cost of text books, classes, application fees, and room and board, the final bill ends up being overwhelming. The large total at the end of the bill could scare students who cannot afford all of this. Lankford poses the question “Can anyone attend college?” He ...
When thinking about college the same fear is established in just about every student’s mind. How am I going to pay for college? With an increase in college tuition in the past ten years, that question has become more frequent. Whether it is a private or public institution, the price is still no pocket change and how to pay for it has become harder and harder to accomplish. In today’s society, the average person can not get as far as they’d hope without a college education. With that accomplishment of receiving a college education, comes the dreaded loans that some students have and pass on to their children.
Some students go about getting extra money to pay for classes by trying to get a job. Even getting a job poses as an issue, with the already lack of jobs being taken by people who sometimes even hold college degrees themselves leaves struggling college students penniless. It then ...
For those students who want a better experience with the college life could be going out-of-state. Some students may want to try a different atmosphere. Those students would need money for textbooks, shopping, gas for their car and other expenses. Students would need things for their dorm room.
In that year, the number of college graduates was only 432,058 (Sourmaidis) and ever since the demand continually increased as did price. This trend allowed for the student loan crisis to occur, which is a problem we face today. As of 2016, American students have accrued a massive 1.3 trillion in student loan debt. Just 10 years ago, the nation’s balance was only $447 billion (Clements). This ever-present cumulative burden has caused many post graduate Americans to delay important life events such as marriage, homeownership and children because of this substantial encumbrance (Clements).
With tuition rising every year, students face the challenge paying the debt achieving a college degree comes with. “Student debt surpassed credit-card debt in June 2010 for the first time in history, rising to about $830 billion — or nearly 6 percent of the nation 's annual economic output”(Clemmitt, Marcia). Not everyone has a ton of money just laying around. Being that financial trouble is the biggest problem for students, they begin to question whether college is worth it or not. In recent years, students have taken out loans to help with expenses. Most students choose to attend a community and junior college to help minimize the debt. Even after graduating with a degree, students still face the struggle of finding a job in this economic time. For higher class families this may not be a problem to them. But for the middle class and low income families, they face tougher times being that they don 't have the financial help like higher class families do. For the middle class and low income families, it makes more sense attending a community and junior college rather than a four year university.
The cost of college tuition continues to increase each year. If this keeps increasing the way it has been, students will be indebted the rest of their life. Author of “The Looming Student Loan Crisis”, Jackson Toby states that student loans have increased along with the increase of tuition costs. In 2004, the average unpaid student debt was approximately $18,650...
Although adults with a college degree have a higher salary than those who do not, student debt is hurting college graduates. ProCon says, "between 2003 and 2012 the number of 25-year-olds with student debt increased from 25% to 43%, and their average loan balance was $20,326 in 2012-a 91% increase since 2003" ("Is a College. . ." 2). Ten percent of graduate students have over $40,000 in debt and roughly 1% have over $100,000 in debt ("Is a College. . ." 2). With student debt on the rise, it will be a strong defense on whether college is worth it or
They are not working full time so that they can support their family, but to pay for their tuition. However, those who are full time students are also working, but part time because they are getting Financial Aid and only have to very little out of their pocket. They can’t fully concentrate on their education because most of their time is been taken for work and they don’t get enough time to study. Thus, most students drop their classes or end up failing. For instance, one of my friends who was an international student, paid $1200 for his English class last semester.
In regards to school finance, the ultimate goal of school administrators is to provide all students with the most cost effective, comprehensive education that meets all federal, state, and local requirements and that reflects the values and beliefs within the community. This means that it is an expectation for schools to equip all students equally with the best possible educational opportunities that a community is willing to furnish. However, to accomplish this, school administrators must be able to sustain school programs throughout various economic periods.
College students can have it way easier because they can save up for a car or even for a house while living in one of these households. I know a few friends who go to Chaffey College that do not go to work, but only school have they live in a house with their family. With other college students, sometimes they won’t have to worry about paying rent because their parents understand they are going to college and work at the same time while going to school. I have always been against going to school and working at the same time. There was one month when my brother, Jacob, was not able to pay rent. Everyone let him slide because he is part of the family and they understood that college students such as him do not get much money. Meanwhile in other places, people would probably get kicked out for not paying rent to their
I had to work during most of my college life, my mother helped me as she could but in order to finish college I had to make some kind of funds for myself. My first year at Cincinnati State I worked part time as a Extra...
Going into college everyone expects us to know what we want to do with the rest of our life. That is a huge decision to make after living only 18 years. As teenagers we can’t decide what we want to where the next day, how are we supposed to choose what we will do for the rest of our lives? With the average cost of college ranging between $8,500 for a four-year public college and $29,000 for a four-year private college per year. (College Board) Can college students afford to make the wrong decision? Shocking facts reveal that around 75 percent students will switch majors from the time they start college till their graduation day.( Freedman) This just adds more money on to the two words no one wants to hear, “Student loans.” When we finally get to graduation the excitement is short-lived with the way the economy is going now. A college degree may not be enough to land a job that will pay the bills and 6 months later we start to get the bills for that degree.
Yes, I was being honest when I was charting my spending habits because I haven’t done a budget that lasted a week before, and I wanted to get an estimate of how much I spend in a week. It was an interesting task to be aware of how much I was actually spending by having real numbers to look at in an organized spreadsheet. The spreadsheet itself was very simple and direct which made it easier to analyze. By lying about my spending habits, this assignment would have been counterproductive since I would have been avoiding facing the truth about how much I spent that week. Instead of being dishonest and trying to avoid that amount of money I spent, I was honest when I was charting my expenses since I wanted to get an actual estimate, even if this